Data from the Essential Information Group (EIG) showed that supply of stock rose by 19.6% to 4,222 with a sold rate of 68.6%, in line with last March’s sales rate, when lower stock levels of just over 3,500 were recorded.
Commercial lots rise
Comparing the performance of residential and commercial activity, the commercial auction rooms fared slightly better in terms of year-on-year improvements and sales conversion.
Some 446 commercial lots were offered, an increase of 23% on March last year, and 315 were sold – a rise of 26.5%. The year-on-year sales conversion rate remained stable at 70.6%, compared to 68.6% last year. Total funds raised reached £128.2m.
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Stable conversion rates for resi
The residential auction houses recorded a 19% rise in lots offered at 3,776, and the same increase in lots sold at 2,582. Sales conversion was stable at 68%. Overall, £430.9m was raised in March from the sale of residential property at auction.
Regionally, London and the West Midlands stood out, both recording strong growth in volumes and improved success rates. Yorkshire and the North East saw sharp increases in supply, which led to weaker success rates despite higher sales volumes. Other regions, including Wales and East Anglia, showed more balanced growth, with improvements in both activity and success rates.
David Sandeman, managing director of EIG, said: “With the Renters’ Rights Act due to come into effect in May, April may see an additional wave of landlord disposals as some look to exit ahead of the changes. This could influence supply levels in the short term, following the already elevated volumes seen in March. The longer-term impact remains uncertain, with potential implications for stock levels, pricing, and overall market activity still to play out over the coming months, although the consistent strength in transaction volumes suggests the market remains well-positioned to adapt to changing conditions.”
